Digital financial services company Indifi Technologies said on Wednesday that it has raised ₹340 crore in funding, including ₹140 crore of equity funding from investors like CX Partners and OP Finnfund Global Impact Fund I.
“CX Partners and OP Finnfund Global Impact Fund I (the first Finnish global emerging markets impact fund) along with existing investors CDC Group (UK’s development finance institution), Omidyar Network, Flourish Ventures, Elevar Equity and Accel invested ₹140 crore in series D round of equity capital raise for Indifi Technologies,” a statement by the company said.
The Gurugram-based company has also secured ₹165 crore in debt financing from Vivriti, Northern Arc, SIDBI, along with other lenders, according to the statement.
Additionally, US DFC (United States International Development Finance Corporation) has guaranteed ₹35 crore of funding to Indifi.
The series D round brings Indifi’s total equity fund raise to date at over ₹350 crore.
“Indifi operates an online lending platform that offers business loans to micro, small and medium enterprises (MSMEs) that have limited access to credit from financial institutions. Indifi also offers tailored loans for travel, hotel, e-commerce, restaurant, trading, and retail businesses,” the statement said.
“The funds raised will be used for serving more customers, identifying additional segments of MSMEs, and towards technology and product development,” the statement said.
“For example, our recent collaboration with Facebook digitally enables MSME players to avail small ticket size loans to grow their businesses,” Indifi CEO and co-founder Alok Mittal said.
Managing Director at CX Partners Manu Sahni said that Indifi is filling “a critical gap in the Indian lending landscape” to provide loans to small merchants and businesses using technology “to bypass constraints of traditional MSME lending by relying on data and integrating with anchor digital ecosystems and financial institutions.”
“Financial services is a focus sector for CX and we see Indifi pushing new horizons in that space,” Sahni added.
(With inputs from Agencies)